Application
Definition of "Application"
Written statements on a form by a prospective insured about himself, including assets and other personal information. These statements and additional information, such as a medical report, are used by an insurance company to decide whether or not to insure the risk. Falsification or nondisclosure of information may give the insurance company grounds for rescinding a policy that has been issued. Statements in the application are also used to decide on an applicant's underwriting classification and premium rates.
Popular Insurance Terms
In insurance, individual with rightful possession of an insurance policy, usually the policyowner. ...
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Account established by the insurance company specifically for beneficiaries of a life insurance policy where the beneficiary has the choice of leaving the death benefit on deposit in the ...
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Claim (lien) of the pension benefit guaranty corporation (pbgc) against an employer's assets upon termination of a pension plan for the amount of an employee's unfunded benefits. ...
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Additional Living Expense Insurance is a type of coverage present on several types of Homeowner’s Insurance that reimburses additional costs caused because of the insured’s ...
U.S. government agency (formerly the Atomic Energy Commission) responsible for regulating the nuclear energy industry. The commission also provides supplemental insurance for nuclear ...
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